$250m Auckland Mega-Apartment Project Axed

(Comment: The housing shortage just got 309 worse)
One of Auckland’s biggest apartment projects has just been axed, despite desperate buyers agreeing to pay more money.

The $250 million 39-level, 309-unit St James Suites apartments was to be built on Queen St beside the historic St James Theatre but developer Relianz Holdings is today telling buyers it is abandoning the deal.

This is Auckland’s biggest apartment project to be cancelled, after Avondale’s 91-unit Flo apartment scheme was cancelled a few weeks ago.

“Relianz Holdings LP (Relianz), the developer of the St James Suites project, says despite significant efforts to secure replacement funding to allow the project to progress, difficult lending market conditions mean it has not been able to reach a feasible solution,” a written statement said.

link:

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11770947

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